GS 3: Indian Economy | Planning, mobilization of resources, growth, development and employment

Why in News?

• Union Minister of Agriculture and Farmers’ Welfare Radha Mohan Singh launched YuvaSahakar-Cooperative Enterprise Support and Innovation Scheme of National Cooperative Development Corporation (NCDC).
• It is a youth-friendly scheme aimed at attracting youth to cooperative business ventures.

YuvaSahakar-Cooperative Enterprise Support and Innovation Scheme:

• The scheme is linked to Rs 1000 crore ‘Cooperative Start-up and Innovation Fund (CSIF)’ created by the NCDC.
• It aims to encourage cooperatives to venture into new and innovative areas.
• It envisages 2% less than applicable rate of interest on term loan for the project cost up to Rs 3 crore including 2 years moratorium on payment of principal.
• All types of cooperatives in operation for at least one year are eligible to avail the scheme.
• Under this scheme, more incentives will be provided for cooperatives of North Eastern region, Aspirational Districts and cooperatives with women or SC or ST members.
• The funding for the project under this scheme will be up to 80% of the project cost for these special categories against 70% for others.